ICE Coffee Futures Extend Gains
Arabica coffee futures extended the recent gains on spec buying. The active contract f
or July delivery settled 85 points higher at 141.75 cents a pound. Total estimated volume
decreased to 16,430 lots from 22,774 lots last Friday. The latest Commitments of Traders
Report released by on Friday showed that non-commercial increased their net
short position to 12,428 lots as of April 30 from 9,108 on April 23. The
commercial net long position rose accordingly to 12,677 lots from 9,752 over
the same period. In related news, Colombia production during April surged 85%
from a year earlier to 1.07 million 60-kilo bags. According with figures
released by FNC on Saturday, coffee output for twelve months through April
totaled 8.67 million 60-kilo bags, 22.5% higher than the same period the
previous year. The recover was attributed to good weather and a positive result
from the fungus control programs. In Brazil, market participants remained to
monitor the weather after the arrival of the first wave of cold fronts.
Temperatures are expecting to decline with lows reaching 6 C. without any risk
to the coffee plants according with SOMAR.
In London, the Robusta market was close due to the May Day holiday.